A widely-followed trader known as TechDev, renowned for his macro cryptocurrency predictions, believes that Dogecoin (DOGE), one of the top meme coins, is on the verge of a significant price rally. Sharing insights with his 467,500 followers on the X platform, TechDev points out that Dogecoin is mirroring a pattern from the 2020 market cycle.
According to the trader’s analysis, DOGE is in the process of flipping a crucial resistance level into support, setting the stage for a potential breakout. TechDev also hints that a rise in Dogecoin could spark a broader surge in the altcoin market, asserting, *“As goes DOGE, so goes the alt market.”* Currently, Dogecoin is trading at $0.106, showing a slight dip for the day.
Bitcoin’s Final Leg Up?
Shifting focus to Bitcoin, TechDev suggests that the leading cryptocurrency is gearing up for the final leg of its current market cycle. Using a unique metric that compares Chinese 10-year bonds (CN10Y) with the seasonally adjusted US money supply (M2NS), TechDev believes Bitcoin reaches its cycle highs when global liquidity surges, rather than during downturns in liquidity.
Further supporting his bullish stance on Bitcoin, the trader notes similarities between the current BTC cycle and its 2016 cycle. Back then, Bitcoin completed an ABC corrective wave, followed by a massive rally that took BTC from around $300 to nearly $20,000. TechDev’s analysis shows that Bitcoin’s Relative Strength Index (RSI), a key momentum indicator, is poised for recovery after cooling down from 68 to 62 on the two-month chart.
With these parallels, TechDev indicates that Bitcoin could soon experience a major upward movement similar to the 2016 rally. As Bitcoin and Dogecoin gain momentum, the crypto market could be on the cusp of a broader surge across altcoins.
